The Swiss Chemicals group Clariant says it will cut about 2200 jobs over the next three years and focus attention on expanding its presence in rapidly expanding foreign markets.
Clariant said Tuesday it would also shut 10 percent of its plants, mainly in Europe. The moves will cost more than $400 million, but will allow the company to refocus on markets in China and India.
The chemicals company said it aims to achieve a 25 percent increase in return on invested capital by the end of 2009.
Clariant makes chemicals mainly for textile, leather and paper processing, as well as colorings and other chemicals for plastics.
Some information for this report was provided by AFP and AP.